Great find, pancakes3. Here’s more of a description from the wonderful site Loganberry Books:
The description also reminded me of a very short story from one of my favorite kids’ books, A Treasury of Good Night Stories, compiled by Betsy Minton (1959). “Nice to Be Loved” is a very Toy Story-esque tale of talking toys, including an older rag doll named Patsy Doll who was purchased for last Christmas and is the favored present of little girl Molly. This year, Patsy is disappointed and horrified to find that Molly’s gotten another doll for Christmas – a lovely china ballerina – who seems to usurp Patsy’s place in little Molly’s heart.
Anyway, this isn’t the OP’s story but I do love the genre. I was waaaay too attached to my stuffed animals and dolls and always adored (and empathized) with stories like this.
Olivia and the Missing Toy, while not being the story that the OP is looking for, is another good story about a child losing their favourite doll, then finding it and repairing it.